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Banks face US$ refund Bill: Veritas

LOCAL legal think-tank Veritas says if the Supreme Court upholds the High Court of Zimbabwe decision dismissing the central bank regulation that separated Real Time Gross Settlement (RTGS) and nostro accounts, banks will have to refund their clients in United States dollars. BY TATIRA ZWINOIRA On May 14, High Court judge Justice Happias Zhou ruled that central bank regulation Exchange Control Directive RT120 of October 2018, which separated foreign currency accounts into locally and foreign currency-denominated ones, was unconstitutional. What this means is that banks owe their depositors the US dollars they had in their foreign currency accounts (FCAs) as at October 3, 2018, a day before the central bank regulation was issued. However, Finance minister Mthuli Ncube and the Reserve Bank of...

WATCH: Passion Java Will Become Zimbabwe’s Greatest Prophet – Rocky Delivers Prophetic Word

Rocky Delivers Prophetic Word Prophet Passion Java of the Kingdom Embassy and Passion Java Ministries is going to become the greatest prophet in the country of Zimbabwe and he will be greater than any other prophet. This is according to a prophetic word which was delivered to the flamboyant prophet by musician Rockford ‘Rocky’ Josphats. Rocky delivered the stunning prophetic word during his performance on the Passion Java sponsored ‘Gara Mumba Iwe‘ online concert. The flamboyant prophet who is crazy about music has been sponsoring the Gara Mumba Iwe online concerts during the lockdown and last night’s concert was the 5th edition of the concert.  In last week’s edition, Stunner and Mudiwa Hood pocketed US$4 000 each for their performance where they were the main attraction. According t...

ASX quizzes Zimplats over financials

THE Australian Securities Exchange (ASX) has put Zimplats Holdings Limited under spotlight, questioning whether its accounts for the half year ended December 31, 2019 gives a true representation of its financial performance and position BY MTHANDAZO NYONI Zimplats, registered in Guernsey, is listed on the Australian Stock Exchange. In a letter dated April 6, 2020, ASX adviser, listings compliance Lin Kang asked Zimplats to explain its position following the independent auditor’s report qualified opinion which raised a number of grey areas in its half year accounts for the period to December 31, 2019. According to the independent auditor’s report attached to the half year accounts, Zimplats transacted using a combination of United States Dollars (US$), bond notes and coins, real time gross ...

Zodwa WaBantu Turns To penis Enlargement Creams

Zodwa Wabantu Turns To Penis Enlargement Creams Zodwa Wabantu Turns To Penis Enlargement Creams Does penis size matter at all to a healthy sex life? Many people hold different opinions with regards to this. However, according to South African  entertainer Zodwa Wabantu there is really nothing wrong with any penis size because ‘every hole the penis fits.’ Although this sounds a bit exaggerated, who else either than the vivacious raunchy dancer could throw in their two cents on the subject? The entertainer, who is popular for performing sexually provocative dances whilst barely dressed, made the statements in a video which she posted on her official Instagram account on Tuesday. In the video, Zodwa is standing beside two medical personals from Herrwood Medical Centre who are going throu...

RBZ raises gold forex retention threshold

FIDELITY Printers and Refineries (FPR), a subsidiary of the Reserve Bank of Zimbabwe, has raised the foreign currency retention threshold for gold miners to 70%, up from 55% . By Tafadzwa Mhlanga “Gold producers shall be paid under a 70/30 payment arrangement scheme in terms of which 70% of the gold sale proceeds shall be paid into the producers’ nostro account and the balance shall be paid in local currency at the ruling exchange rate in to the producer’s Zimdollar account,” FPR general manager Fredrick Kunaka said in a statement yesterday. “Small-scale gold buying agents and artisanal producers shall be paid in cash at a flat price of forty-five United States dollars per gram of gold.” He said large-scale gold buying agents must have a mining operation producing a minimum of 50 kilogramm...

Ammara Brown Comes Under Fire For Snubbing Fan Due To Molestation Fears

Ammara Brown Comes Under Fire  Songbird Ammara Brown has come under fire on social media for her perceived rudeness and haughty attitude. This comes after the talented musician replied to a fan who claimed that Ammara had hurt her by snubbing her plea for a selfie. The social media user who goes by the name Mukunda further alleged that a few minutes after snubbing her, Ammara was only too happy to take selfies with slay queens. Writing on social media platform Twitter on a thread about meeting  celebrities, Mukunda claimed that she still holds a grudge because Ammara had ‘treated me like shit’. Mukunda narrated her experiences with the local celebrities she had met saying, @jahprayzah 2 occasions and both allowed me to get selfies. @TukuOfficial very nice asked me what I was goin...

Sjava Finally Breaks Silence After Weeks-Long Speculations

Sjava Drops The Controversial Label, Ambitouz Entertainment  Jabulani Hadebe, professionally known as Sjava live on Colours Jabulani Hadebe, professionally known as Sjava has finally broken silence after weeks of speculations and unfounded rumours from fans and netizens on his relationship with Ambitiouz Entertainment. Sjava has parted ways with the record label under which he released three albums and won several awards, he announced in a statement on Tuesday afternoon. Reports had earlier been flaunted by The Sowetan and staunch followers of Mama hitmaker alleging his relationship with Ambitouz was at a breakpoint and he was “extremely unhappy” with reasons not specified – but rumoured may be concerning monies – iHarare has heard. But the controversial label managenent quickly dismi...

Vusi “Jack Mabaso” Kunene Dumps Generations For Gomora

Things do not appear to be going well for Generations: The Legacy as another top actor has been confirmed to be leaving the show for a rival soapie. Vusi Mabaso, popularly known as Jack Mabaso is the latest actor to jump ship, signaling a worrying state of affairs at the SABC 1 stable.  Vusi Kunene is the second actor to leave in recent times. iHarare reported last week that seasoned actor Rapulana “Tau” Seiphemo also left Generations The Legacy to join The Queen. Vusi, on the other hand will be joining a new hit show, Gomora. Gomora has been ticking the right boxes in the soapie world and recently overtook The Queen to become the most-watched daily show on Mzansi Magic. Vusi Kunene joins the Gomora cast to portray confident, successful, well-read, and rich Rodney “Uncle Rod” Sibeko. ...

Zimbabwe says abduction of MDC activists ‘stage-managed theatre’

HARARE – Foreign Affairs Minister Sibusiso Moyo on Monday freshly denied that state security agents were behind the recent abduction, torture and sexual abuse of three MDC female activists. The three, including Harare West MP Joana Mamombe, were likely victims of a “third force” or willing participants in a “stage-managed theatre”, Moyo claimed in an astonishing statement, even as he chided western diplomats for “jumping to conclusions.” Moyo said authorities were “investigating all aspects of the allegations”, adding: “The government will await the outcome of the investigation before drawing any conclusions. Investigations will be conducted with the prime objective of exposing and prosecuting the perpetrators, if any, or exposing the involvement of a possible third force.” The regime has ...

Padenga eyes growth

CROCODILE skin and meat supplier, Padenga Holdings Limited (PHL) expects growth for the year on the back of Chinese and European economies re-opening following the COVID-19-induced lockdowns. BY TATIRA ZWINOIRA In its annual report for the year ended 2019, released last week, PHL recorded a near 8,3% drop in profit after tax to US$6,74 million from a 2018 comparative of US$7,35 million. The group’s 2019 performance was affected by “evolving market conditions impacting on skin prices and increased costs inherent in meeting social licence expectations and the implementation of measures to address enhanced skin quality expectations. “Although closed for much of March/April, French tanneries were anticipating to re-open mid-April and product supply has thus far not been interrupted. Chinese ma...

Prospect completes rights issue

AFRICAN lithium company, Prospect Resources (Prospect) has successfully completed its rights issue, raising approximately A$2 million (US$1,304 million), managing director Sam Hosack has revealed. BY MTHANDAZO NYONI Prospect last month announced a non-renounceable rights issue to shareholders on a one-for-four basis at A$0,05 per fully paid ordinary share to raise approximately A$3,1 million, with a minimum A$1,2 million. “I am pleased to announce that Prospect Resources has successfully completed our rights issue, raising approximately A$2m. The past two months have been a turbulent time for most facets of the global economy as well as Prospect, our shareholders and our staff. As shareholders are aware, we have significantly reduced our workforce and overall cost base,” Hosack said in a s...

Zimbabwe’s land reform areas twenty years on (3)

This blog focuses on Masvingo’s villagised land reform areas (where people have an individual arable plot, live in villages and share communal grazing). Our sites (N=99) are nearby the self-contained schemes in Gutu and Masvingo districts discussed in the last blog in this series, and they share many similarities, with a focus on maize production, combined with horticulture. There are fewer who are accumulating significantly, but there are still many who are doing well. Households in these sites are slightly younger, with the average age of the household head being 43, and there are fewer women who are the main household head (19%), although 41% of households have a de facto female head due to absent husbands. Today, 47% of household heads have off-farm jobs (some quite informal ...